Welcome to SuperNews - October 2009
SuperNews is our bi-monthly electronic newsletter, keeping you abreast of what's happening in ASFONZ and the wider workplace savings industry.
Feedback, comments and submissions for SuperNews are always welcome - Contact us, we appreciate hearing from our members!
In this edition we confirm our name change to Workplace Savings NZ, seek input for our 2010 Conference programme,and update you on othe recent developments.
Please welcome... Workplace Savings NZ!
We are delighted to inform you that our membership has approved a change of name. The Association of Superannuation Funds of New Zealand (ASFONZ) – the voice of workplace super – was established in 1969.
At a Special General Meeting held in Wellington on 21 October 2009 our membership approved the change to Workplace Savings NZ – Te māngai penapena ā-mahi.
Our new name will take effect from 1 November 2009.
Workplace Savings NZ will continue to be the Voice of Workplace Savings; advancing the sustainable, effective, and efficient delivery of workplace savings outcomes for all involved – including our core workplace superannuation scheme members who remain at the heart of our organisation.
After 1 November 2009 our new web site will be www.workplacesavings.org.nz - don't forget to update your web bookmarks.
We can be emailed directly using:
Bruce Kerr - bruce.kerr@workplacesavings.org.nz
Shelley Grace - shelley.grace@workplacesavings.org.nz
info@workplacesavings.org.nz
Our other contact details remain the same.
People's Choice KiwiSaver Communications Award
KiwiSaver this year celebrated its second birthday, and has already surpassed all expectation having attracted over 1 million members. But how well are KiwiSaver providers communicating the savings message to their members?
For our 2009 Communication Awards, we have chosen to add a “Peoples Choice KiwiSaver Communications Award” category. This is a new Award and will be chosen by the public.
The public, as KiwiSavers, can vote for the KiwiSaver Provider that they believe has done the best job of communicating with their members. That communication could have taken any form – printed materials such as an Investment Statement or Annual Report to media campaigns undertaken to generally inform or educate.
An online poll will be made avaliable very soon on our new website www.workplacesavings.org.nz to take votes.
We will let you know once the poll has opened, and we will await the results with much interest!
Communication Awards Ceremony
All ASFONZ members and supporters are invited to join us for the 2009 Communication Awards Ceremony.
This is being held as an After-5 function at the Auckland Club on Thursday 3 December 2009.
Pop this date into your diary and come along for drinks & nibbles and to see who will take out the awards for 2009, including the new People's Choice KiwiSaver Communications Award and the big kahuna, the supreme Excellence in Communications Award.
2010 Conference & Super Expo
We are pleased to announce that our 2010 Conference and Super Expo will be held:
Christchurch Convention Centre
Thursday 26 & Friday 27 August 2010
Put these dates in your diary now!
The theme for this conference is Workplace Savings 2020 - where do we want our industry be in 10 years time and how will we make that happen?
Your Input Required - Conference Programme
We want your input included in the design of the programme for Workplace Savings 2020, our 2010 Conference.
Things to think about could include:
- What kind of sessions would you find of value, discussion groups, focus groups?
- Networking opportunities - formal sessions, informal gatherings, off-site gatherings?
- Professional development workshops
- Keynote speakers and topics
- Social component of the Conference
Send your feedback and comments to Bruce Kerr, by emailing bruce.kerr@workplacesavings.org.nz or phone 04 381 3382.
Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009
The Taxation (International Taxation, Life Insurance, and Remedial Matters) Bill has been enacted. The bill, introduced in July 2008, passed its final stages in Parliament last month and received Royal assent 6 October 2009.
The resulting 634-page Act is published here.
Renewal of Securities Act Exemption Notice
We are delighted to advise that ASFONZ has been successful in having the Securities Act (Employer Superannuation Schemes) Exemption Notice 2004 renewed for a further period of five (5) years.
The original Employer Superannuation Scheme Exemption Notice was put in place on 23 July 2004 following a formal exemption application from ASFONZ.
Its purpose was to overcome difficulties with the (then) very recently enacted statutory prospectus exemption facility for employer superannuation schemes in sections 5A to 5C of the Act.
When applying for the renewal ASFONZ told the Securities Commission that:-
“As far as ASFONZ is aware:
(a) almost all employer-based stand-alone superannuation schemes which are open to new member admissions, and are employer superannuation schemes as defined in clause 4(1) of the ESS Exemption Notice, utilise the exemption (and have done so since its inception); and
(b) no employer-based superannuation schemes utilise (or have ever utilised) the statutory prospectus exemption facility in sections 5A to 5C of the Securities Act 1978 (the Act).
The ASFONZ view is that the statutory prospectus exemption is practically unworkable in that it is unrealistic to expect that any schemes still in existence would be prepared to make the changes necessary to allow compliance with that exemption.”
The Securities Commission considers that it is appropriate to renew the exemption because:-
- The purpose of section 5A of the Securities Act 1978 is to grant an exemption to employer superannuation schemes from the requirement to have a registered prospectus where the costs of the scheme are met by the employer:
- Some schemes meet this policy purpose, but are unable to comply with the terms of the statutory exemption for various technical reasons:
- It is consistent with the purpose of the Securities Act 1978 to grant an exemption to extend the effect of the exemption in section 5Aof the Act to these schemes, and to schemes that previously enjoyed the benefit of the section 5 (2E) exemptions for small employer superannuation schemes before the Securities Amendment Act 2004 came into force.
A copy of the Securities Act (Employer Superannuation Schemes) Exemption Notice 2009 can be obtained by clicking here.
Submissions
We have been busy preparing the following submissions on Government policy. Click the headings to view:
ASFONZ Trustee Training
Are you looking to up-skill? Perhaps you may be a newly appointed trustee or may have a new trustee in your group whom we don't yet know?
ASFONZ is committed to providing a training course (in the form of short modules) for those involved in the governance and administration of superannuation, complying fund or KiwiSaver schemes .
Take a look at our upcoming education modules, we still have capacity to accommodate a few more attendees in these workshops.
(click on the headings for more info & to register)
Introduction to Trusteeship
Presented by David Ireland (Kensington Swan) this module will assist all trustees in understanding their legal obligations and broader responsibilities associated with the governance of a trust. Particular emphasis is given to trustee powers, duties and the exercise of discretions.
Date & Location: Wed 11 November, 9am - 12.30pm.
Best Practice Governance
What is it that makes the difference between an effective, efficient and responsive Board of Trustees and the rest? The answers lie in procedure and execution. This session will provide a discussion forum on current governance issues board members are facing today.
Date & Location: Wed 11 November, 1 – 5pm, Wellington
Trustee Investment Decisions
This education module focuses on the investment decisions that Trustees are faced with including selecting and mixing fund managers, selecting a consultant, evaluating investment surveys, understanding different types of investment vehicles and evaluating the option of managing your own assets.
Date & Location: Thurs 12 November, 8.30am – 12.30pm, Wellington
Introduction to Wholesale Investing
Facilitated by AMP Capital, this workshop is designed to inform and educate scheme trustees, scheme administrators and employers about investment fundamentals. This session will cover: portfolio construction; bonds; shares; currency and performance analytics. This session is FREE for ASFONZ members!
Date & Location: Fri 13 November, 12.00 - 3.00pm, Auckland
New Members
ASFONZ introduces and warmly welcomes the following new members:
Grosvenor Financial Services
Stevenson Group Lump Sum Superannuation Scheme
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